Feature
Top stories from 15 years of FX Week FX volume hits all-time peak
LONDON – "It was mind-boggling. In 22 years of trading I've never seen anything like the sheer volume," said David Adamson, treasury director of Chase Manhattan Bank in London, in a comment echoed by almost all other market participants surveyed last…
Review of 2004 - April: Banks draw EU25 battle plans
LONDON & FRANKFURT – Euro convergence may still be years away for the 10 new member states joining the European Union (EU), but far-sighted banks and brokers were already drawing up their FX battle plans for the new Europe in April. Deutsche Bank, HSBC,…
Review of 2004 - August: Return of the voice broker
NEW YORK – Cantor Fitzgerald reversed a trend of consolidation in the broking market in mid-August by spinning off a new firm to focus exclusively on voice broking.
Review of 2004 - November: Forex liquidity crisis looms
LONDON – UBS, Deutsche Bank and Barclays Capital warned of a potential liquidity crisis in foreign exchange at the FX Week 2004 Congress.
Review of 2004 - December: Deutsche cuts global forex
FRANKFURT & SINGAPORE – Deutsche Bank was in the process of a major restructuring of its foreign exchange capabilities globally.
Review of 2004 - September: Reuters widens FX access
LONDON – Reuters announced that fund managers, corporates and mid-tier banks would soon get access to the firm’s interbank FX rates for the first time. The firm announced it would take spot dealing prices from its Matching service, used by 7,000 users at…
Review of 2004 - October: Shock job losses at Tullett
LONDON – Tullett Liberty suffered a surprise defeat in the integration of its forex business with rival Prebon Yamane. Broking sources in London said Tullett’s FX forwards team left in the two weeks following the completion of parent Collins Stewart…
Review of 2004 - February: RBS and Deutsche lead the way
FRANKFURT AND LONDON – February was a good month for Royal Bank of Scotland (RBS) and Deutsche Bank with both reporting figures showing that they were gaining on their rivals.
Review of 2004 - January: NAB saga starts in earnest
MELBOURNE – The saga of National Australia Bank’s rogue trading scandal came to light on January 13. The bank said it had uncovered losses of up to A$180 million (US$140 million) from unauthorised trading in forex options during the fourth quarter.
Review of 2004 - May: CST buys Prebon Yamane
LONDON – May saw the ACI European Congress in London, at which FX Week covered the news of Collins Stewart Tullett (CST) buying its rival Prebon Yamane. CST said it did not intend to merge the two brokers or close any desks as a result of the deal…
Review of 2004 - June: Record breaking year for FX
LONDON - June saw the FX Week annual revenue ranking of the top 30 earners in FX smash records in fiscal 2003. Fantastic trading opportunities stemming from huge volatility in major and emerging markets, coupled with booming interest in FX from the hedge…
Review of 2004 - July: AIB repays E26m for overcharging
DUBLIN – Allied Irish Banks (AIB) said it would repay the e26 million ($32 million) it overcharged clients on 3 million FX deals, after a regulator slammed the bank in a report in July.
Review of 2004 - March: Bumper start for US investment banks
NEW YORK – Early results in 2004 showed a bumper year was likely for the industry as FX earnings at US investment houses showed strong performance for the first quarter.
Saxo and ANZ pick dollar lows
The dollar sank to record lows last week – nearly touching its all-time low just above 1.29 against the euro on Friday (November 5) and an eight-year low of 1.1877 against the Swiss franc the day before.
Shock job losses at Tullett
Tullett Liberty's forwards desk loses as merger with Prebon completes LONDON – Tullett Liberty has suffered a surprise defeat in the integration of its forex business with that of rival Prebon Yamane. Broking sources in London say Tullett's FX forwards…
SIBOS 2004
CLS rules the roost at Sibos
Sibos vendors showcase wares
More than 5,500 financial IT professionals are descending on Atlanta this week for the annual Sibos congress. Some 200 software firms jostling for delegates' attention are making the most of the opportunity by launching and demo-ing their latest products…
Average forex e-trade sizes on the rise
LONDON – The size of the average electronic FX trade is going up for corporates and real-money investors – but not in the leveraged sector of the industry, according to new research from UK consultancy ClientKnowledge.
Rankings reveal diversifying inter-dealer market
The inter-dealer market for foreign exchange is shrinking, as an increasing number of mid-tier players retreat from market-making to become clients of the top firms. The banks that remain are working hard to consolidate their positions as liquidity…
e-fx AWARDS
The FX Week inaugural e-FX Awards
CME to enhance electronic options trading
CHICAGO -- The Chicago Mercantile Exchange (CME) plans to enhance electronic options trading on its Globex platform following its purchase of a derivatives technology vendor in Chicago last week.
March - CLS technical glitch stalls trades
The first operational setback in the life of continuous linked settlement (CLS) came in March, when multiple technical faults stalled settlement in 20,000 Aussie dollar and yen trades.
September - Quote unquote
"We jointly decided that the best move would be to increase its FX expertise" -- Jim Brown , managing director of TH Lee Global Internet Managers, on the departure of Currenex chief executive Lori Mirek in January